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With every new tax law and amendment, taxpayers face fresh challenges and complexities. One significant recent change involves the taxation of capital gains, a shift that will impact many taxpayers. If you’re looking to claim an exemption from Long Term Capital Gains (LTCG) tax, it’s essential to understand the provisions updated by the Finance Act, […]

When you sell assets, capital gains tax can take a chunk out of your profits. Fortunately, the Income-tax Act offers exemptions that can help you reduce this tax burden. Understanding these exemptions can help you manage your taxes better. This guide will walk you through key sections of the Income-tax Act, such as Sections 54,

In the world of business, receiving gifts and benefits is quite common. However, it’s important to know how these gifts are taxed under Indian law. This guide will help you understand the tax implications of business gifts and perquisites. What Does the Income Tax Act Say? According to Section 28(iv) of the Income Tax Act,

Navigating tax regimes can be daunting, especially with the recent changes introduced in the 2023 and 2024 Budgets. The government has made efforts to simplify tax filing and encourage taxpayers to switch to the new tax regime. Here’s a simplified comparison to help you decide which tax regime—old or new—is better for you as a

Are you a salaried individual looking to optimize your tax savings? Navigating the complexities of the Indian Income Tax Act can be daunting, but with the right knowledge, you can significantly reduce your tax liability. This guide will walk you through the essential tax-saving allowances and deductions available, empowering you to make the most of

Handling cash transactions and expenses can be tricky, especially with the numerous rules and limits set by the Income Tax Act. If you’re unsure about how these rules affect you, you’re not alone. Here’s a straightforward guide to help you understand the key provisions related to cash transactions and expenses, and how to stay compliant.

Filing an Income Tax Return (ITR) is a crucial step for every taxpayer. It’s the official way to report your income and taxes to the Income-tax Department. By filing your ITR, you can also claim refunds and carry forward losses to future years. Depending on your income sources and the nature of your financial activities,

The Presumptive Taxation Scheme under the Income Tax Act, 1961, is a simplified tax compliance mechanism designed to make life easier for small taxpayers. This scheme allows certain eligible taxpayers to declare their income at a prescribed rate, thus freeing them from the burden of maintaining detailed books of accounts. It’s especially beneficial for those

Introduction F&O (Futures and Options) trading can be complex, especially when it comes to taxes. In recent years, the rules for calculating turnover from F&O trades have changed, making it easier for traders to understand their tax obligations. Whether you’re new to F&O trading or just looking for clarity on the latest tax laws, this

Bookkeeping is a fundamental aspect of running a successful small business. Proper bookkeeping ensures accurate financial records, aids in decision-making, and ensures compliance with tax regulations. Here are the basics of bookkeeping that every small business owner should know. What is Bookkeeping? Bookkeeping is the process of recording, organizing, and maintaining financial transactions and information